Coefficient of financial dependence. The financial analysis. Indicators of long-term financial stability Negative financial dependency ratio
To evaluate the effectiveness of the management policy pursued by the company's management, many methods are used. One of them is the definition of financial stability ratios. This information is of interest to both the founders and creditors of the enterprise. Therefore, it is so important for One of the key elements of the presented methodology is the formula. The financial dependency ratio will allow us to assess the structure of the balance sheet and improve it in the future period. This is very useful view analysis. The formula for the coefficient of financial dependence is more often used by Western analysts. This is one of the important indicators in evaluating the company's operating performance.
General information
Western economists call the indicator Debt Ratio, which is revealed by the following formula. The coefficient of financial dependence is used to assess the structure of the balance sheet of an enterprise in terms of its distribution
In our country, instead of determining the coefficient of financial dependence on the balance sheet, the company's autonomy formula is more often used. That is, the assessment of the structure of capital sources is carried out in terms of the availability of own funds.
However, by applying the formula for calculating the financial dependency ratio, it is possible to evaluate liabilities on the reverse side. It is this indicator that is important for investors and indicates the solvency of the company. Based on these data, lenders make a conclusion about the expediency of granting a loan. Therefore, making research of the enterprise, it is necessary to make an assessment of the dynamics and the amount of borrowed funds.
Lenders' capital
Enterprise represents the number of its long-term and short-term liabilities to creditors.
These two liability sources are added together to calculate the financial dependency ratio. The balance formula assumes the exclusion of such items as "Deferred income" and "Reserves for future expenses" from the calculations. Calculation of the formula of the coefficient of financial dependence is carried out for the reporting period without taking into account future receipts or deductions of the balance sheet currency.
Debt capital, while reducing its amount in the balance sheet structure, increases the stability of the company. But as the experience of Western manufacturers shows, it should be used by the enterprise to increase profitability.
Calculation formula
The coefficient of financial dependence, the formula for the balance of which is calculated for the operating period, in general view as follows.
KZav. = Borrowed Capital / Assets
To find the capitalized ones that participate in the formula for the enterprise dependency ratio, the following calculations are made:
ZK \u003d Long-term liabilities + Short-term liabilities - Deferred income - Reserve for future expenses.
This allows us to determine in the long term the dependence of the company's activities on paid sources of capital.
Balance calculation formula
The coefficient of financial dependence of capitalized sources, the calculation formula of which was presented above, is determined using Form 1 of the accounting report.
To make calculations, the following lines of the new balance sheet should be used:
KZav. = (s. 1400 + s. 1500 - s. 1530 - s. 1540) / s. 1700.
This formula for the financial dependency ratio for the balance sheet lines has been relevant since 2011. For periods that were displayed earlier than this period, a different interpretation of the articles of the financial dependence coefficient will be relevant.
Standard value
The coefficient of financial dependence, the calculation formula of which was discussed above, should be compared with the normative value.
IN economic literature many authors indicate its value is less than 0.7. However, the Order of the Ministry of Regional Development of the Russian Federation 173 of April 17, 2010 regulates the standard of less than 0.8. Otherwise, the enterprise is considered as dependent on borrowed capital.
It should also be noted that a too low value of the indicator indicates that the company is missing the chance to expand the scope of its activities. After all, borrowed capital allows you to get more profit. It should be noted that the coefficient of financial dependence, the formula for the balance lines of which was discussed in detail above, should take into account the characteristics of the industry sector of the organization.
Complex analysis
In order to correctly assess the financial stability of an enterprise, it is necessary to consider the coefficient of dependence on attracted capital as a whole. For this, indicators of autonomy and leverage are calculated. They are similar areas of research, but each of their formulas allows you to look at the indicators from a different angle. The coefficient of financial dependence is the opposite in meaning to the definition of autonomy. For this indicator, the ratio of own sources to the balance sheet currency is used. The coefficient will allow you to calculate the optimal ratio of liability sources.
Calculation example
When studying the formula for calculating the coefficient of financial dependence, one should make a calculation in dynamics. For example, at the beginning and end of the period. Let's say long-term liabilities decreased from 20,486 to 20,009 million rubles. At the same time, companies also became smaller from 10,347 to 5,749 million rubles. Provisions for future expenses amounted to RUB 0.1 and 0.13 million, respectively. at the beginning and end of the period. The balance sheet currency, due to all the changes listed above, decreased from 81,717 to 77,050 million rubles.
The calculation will be as follows:
KZav.1 \u003d (20 486 + 10 347 - 0.1) / 81 717 \u003d 0.37.
KZav.2 \u003d (20,009 + 5749 - 0.13) / 77,050 \u003d 0.33.
It can be concluded that for the year under review, the company reduced the number of long-term and short-term liabilities in the structure of the balance sheet. This led to a decrease in the amount of total funds. However, this became a positive trend, as the financial dependence ratio decreased in the period under review. The structure of liabilities has improved due to the above changes. Throughout the study period, the indicator was within the limits of the standard. This indicates the financial stability of the object of study.
Having considered the methodology for determining the stability of an enterprise, which the formula allows to evaluate, the coefficient of financial dependence can help draw a conclusion about the advisability of attracting borrowed capital by the company. After conducting research in dynamics and comparing the indicator with the standard, it will be easy to understand the harmony of the balance sheet liability structure, as well as develop a plan for its improvement in the future period. On this depends the company's ability to obtain greater profits, as well as its reliability rating among enterprises in the industry.
The reciprocal of the coefficient financial independence, is determined by the ratio of the total amount of financial resources to the sum of sources of own funds.
Financial dependency ratio - what does it show
Financial dependency ratio- shows to what extent the organization depends on external sources of financing, how much borrowed funds the organization has attracted for 1 rub. own capital. It also shows a measure of the ability of the organization, having liquidated its assets, to fully repay accounts payable.
Financial dependency ratio - formula
General formula for calculating the coefficient
Calculation formula according to the balance sheet data
Calculation formula according to the old balance sheet:
Financial dependency ratio - value
Economic meaning of the indicator Financial dependency ratio consists in determining how many units of the total amount of financial resources are accounted for per unit.
A downward trend is considered positive. Like every enterprise, the holding company strives to increase the share of its own funds in order to increase the stability of its operation. The increase in the total amount of financial resources due to the attraction of additional, relatively inexpensive borrowed capital is positively assessed.
Synonyms
- equity multiplier
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Financial stability ratios of an enterprise - a tool for accounting and efficient business
Financial stability ratio (balance sheet formula)
shows how stable the company's position is and whether any financial problems threaten it in the near future. By financial stability ratio one can judge how many long-term and sustainable sources of financing for business activities the company has.
What does the financial stability ratio show
Normative value of the financial stability ratio
Risk ratios of financial stability of the organization
What are the financial stability ratios of an enterprise
What does the financial stability ratio show
Financial stability ratio shows how the company's assets are financed from reliable and long-term sources. That is, it shows the share of sources for financing its business activities that the company can attract on a voluntary basis.
Analyzing financial stability ratio, formula which will be given below, we can say that the closer its value is to 1, the more stable the company's position, since the share of long-term sources of financing is much higher than short-term ones. The ideal value of 1 indicates that the company does not attract short-term sources of financing, which, however, is not always economically correct.
Financial stability ratio - balance sheet formula (data from form 1):
Kfinu = (p. 1300 + p. 1400) / p. 1700.
If you decipher the row indicators, the formula will look like this:
Kfinu \u003d (Ksob + Obds) / Ptot,
where: Kfinu - coefficient of financial stability;
Ksob - own capital, including available reserves;
Obds - long-term loans and credits (obligations), the term of attraction of which is more than 1 year;
Пobsh - total for liabilities (otherwise - balance sheet currency).
Since the value of line 1700 of the balance sheet is the sum of the total values of lines 1300, 1400 and 1500, and line 1500 is short-term liabilities, we can say that a coefficient close to 1 shows how little the company has attracted short-term loans. A low share of short-term borrowing is precisely what is called financial stability.
Standard value
Acceptable value for stable economic activity financial stability ratio- in the range from 0.8 to 0.9. This is the normative value.
The value of the coefficient exceeding 0.9 indicates the financial independence of the company. In addition, it also suggests that the analyzed enterprise will remain solvent in the long run.
Risk ratios of financial stability of the organization
Note! If the coefficient value is greater than 0.95, this may indicate that the company is not using all the available opportunities for business expansion, which can be provided through "fast" sources of financing. Very often, such a credit policy of the company (not to attract short-term loans) indicates inefficient management.
If financial stability ratio fell below 0.75, this should be a very wake-up call for the company. This situation may indicate a risk of chronic insolvency of the company, as well as its falling into financial dependence on creditors.
What are the financial stability ratios of an enterprise
To assess the dependence on each component of the company's assets and property as a whole, various are used. Depending on the formulas and the analytical component, simple and complex coefficients are distinguished.
1. To the simplest financial stability ratios include those that determine the degree of autonomy of the company. They do not take into account the structure of assets and liabilities. The very essence of the value of autonomy (financial independence) is reflected by the Kfn coefficient, which shows the concentration of equity capital.
It is calculated by the formula:
Kfn = p. 1300 / p. 1600.
Its standard value is in the range of 0.5–0.7.
2. Another group (taking into account the capital structure and type of loans) includes a coefficient that determines the financial dependence of the company. It is calculated by the formula:
Kfinz \u003d (Obds + Obks - Duch + Dbud + Rpr) / Ptot,
where: Obds - long-term loans and credits (liabilities);
Obks - short-term loans and liabilities;
Duch - debts to the participants;
Dbud - income expected in the future;
Рpr - reserves of expected expenses;
Ptot - total for liabilities.
The balance formula will look like this (line numbers from form 1 are given):
Cfinz = (line 1400 + line 1500 - line 1450 - line 1530 - line 1540) / line 1700.
3. The ratio of borrowed and own funds (Kszc) will give the most realistic assessment of the stability of the company in financial terms. He will indicate how many rubles borrowed from creditors account for 1 ruble. own funds.
His formula for balance looks like this:
Kszs = (p. 1400 + p. 1500) / p. 1300.
The normative value for this coefficient will be a number less than 0.7. The dynamic growth of the indicator will indicate that the company's dependence on creditors is increasing.
4. The coefficient of maneuverability of its assets (Kman) will indicate how much own funds are in circulation. Its standard value is in the range of 0.2–0.5. It is calculated using the following formula:
Kman \u003d (Ksob - Vna) / Ksob,
where: Ksob - own capital, including available reserves;
Vna - the total value of non-current assets.
Or for balance:
Kman \u003d (p. 1300 - p. 1100) / p. 1300.
5. The ratio of current and non-current assets (Ksova) indicates the number of rubles of non-current assets per 1 rub. negotiable.
Xova = p. 1200 / p. 1100.
The normative value for this indicator has not been established.
6. Coverage ratio working capital(Kpokr) with their sources of funding. Its standard value should be greater than 0.1. The formula is:
Kpokr \u003d (Ksob - Vna) / Both,
where: Both are current assets.
Or for balance:
Kpokr = (p. 1300 - p. 1100) / p. 1200.
7. The coefficient of provision of stocks with own funds (Kobzs) has a standard value, which should be in the range of 0.6–0.8. Determined by the formula:
Kobzs \u003d (Ksob + Obds - Vna) / Reserves.
Or for balance:
Kobzs = (p. 1300 + p. 1400 - p. 1100) / p. 1210.
Results
Essence financial stability ratio is that with its help the company can determine its dependence on creditors and learn about its solvency. This indicator must be regularly calculated. For this, data is taken from the balance sheet.
Knowing the current state of a company's financial strength will help it draw up a financial and business plan for the next year. In addition, the company will be able to build its credit policy more competently in accordance with the goals set and the current financial situation.
Read more about financial planning in our article. « Organization of financial planning and budgeting» .
Source: http://nalog-nalog.ru/analiz_hozyajstvennoj_deyatelnosti_ahd/koefficient_finansovoj_ustojchivosti_formula_po_balansu/
Financial stability ratios
One of the characteristics of the stable position of the enterprise is its financial stability.
The following financial stability ratios, characterize independence for each element of the enterprise's assets and for property as a whole, make it possible to measure whether the company is financially stable enough.
Autonomy coefficient
Financial dependency ratio
Debt to equity ratio
The coefficient of maneuverability of own working capital
Ratio of mobile and immobilized assets
Working capital ratio with own sources of financing
Equity ratio
Equity ratio
Equity preservation ratio
The simplest financial stability ratios characterize the ratio between assets and liabilities in general, without regard to their structure. The most important indicator of this group is the coefficient of autonomy (or financial independence, or the concentration of equity in assets).
The stable financial position of the enterprise is the result of skillful management of the entire set of production and economic factors that determine the results of the enterprise.
Financial stability is due both to the stability of the economic environment within which the enterprise operates, and from the results of its functioning, its active and effective response to changes in internal and external factors.
The main task of analyzing the financial stability of an enterprise is to assess the degree of independence from borrowed sources of financing. In the process of analysis, it is necessary to answer the following questions: how independent is the company from a financial point of view, is the level of this independence increasing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities.
In the classical theory of analysis financial reporting financial stability is understood as such a ratio of assets and liabilities of the organization, which guarantees a certain level of risk of insolvency of the organization.
Thus, as indicators of financial stability, coefficients can be used that characterize the structure of the asset and liability of the balance sheet, as well as the ratio between individual items of the asset and liability ( relative indicators of financial stability).
Autonomy coefficient (financial independence, concentration of equity in assets)
It characterizes the independence of the enterprise from borrowed funds and shows the share of own funds in the total value of all funds of the enterprise. The higher the value of this coefficient, the more financially stable, stable and more independent of external creditors the enterprise is:
Autonomy (independence) ratio = Equity / Assets
Ka = (p. 490 + p. 640 + p. 650) / p. 700 form No. 1
Ka = str. 490 / p. 700
According to the form of the balance sheet since 2011, the formula has the form: Ka = line 1300 / line 1600
The standard generally accepted value of the indicator is considered to be the value of the autonomy coefficient greater than 0.5 but not more than 0.7. But it is necessary to take into account the fact that the coefficient of independence significantly depends on the industry specifics (the ratio of non-current and current assets).
The higher the share of non-current assets of the enterprise (production requires a significant amount of fixed assets), the more long-term sources are needed to finance them, which means that the share of equity capital should be greater (the higher the autonomy coefficient).
It should be noted that, in international practice, the debt ratio indicator (coefficient of financial dependence) is common, which is opposite in meaning to the autonomy coefficient, but also characterizes the ratio of equity and borrowed capital.
A fairly high level of independence coefficient in the US and European countries is considered to be 0.5-0.6. At the same time, the amount of liabilities does not exceed the amount of own funds, which provides creditors with an acceptable level of risk. Asian countries (Japan, South Korea) a value of 0.3 is considered sufficient.
In the absence of reasonable standards, this indicator is evaluated in dynamics. A decrease in value indicates an increase in risk and a decrease in financial stability.
Moreover, with an increase in the share of liabilities, not only does the risk of their default increase, but also interest expenses increase, and the company's dependence on possible changes in interest rates increases.
The coefficient of financial dependence, which characterizes the dependence on external sources of financing (i.e. what share in the entire capital structure is occupied by borrowed funds). The indicator is widely used in the West. The indicator is defined as the ratio of total debt (the sum of short-term liabilities and long-term liabilities) and total assets.
Dependency Ratio = Liabilities / Assets
In accordance with the Order of the Ministry of Regional Development of the Russian Federation of April 17, 2010 No. 173, the financial dependence coefficient is determined by the formula:
Kfz \u003d (D0 + KO - Zu + Dbp + R) / P
where, Kfz - coefficient of financial dependence; D0 - long-term liabilities; KO - short-term liabilities; Zu - debt to the founders; Dbp - deferred income; P - reserves for future expenses;
P - liabilities.
Kfz = (p. 590 + p. 690 - p. 630 - p. 640 - p. 650) / p. 700 f. #1
Kfz = (p. 1400 + p. 1500 - Zu - p. 1530 - p. 1540) / p. 1700
Note that the line "Debt to participants (founders) for the payment of income" (in the previous form - code 630) is excluded from new form, since this debt is accounts payable and can be disclosed in the notes to the financial statements.
The recommended value of this coefficient should be less than 0.8. The optimal ratio is 0.5 (i.e. equal ratio of own and borrowed capital). If the value of the indicator is less than 0.8, it indicates that liabilities should occupy less than 80% in the capital structure.
Debt to equity ratio
This ratio gives the most general assessment of financial stability. Shows how many units of borrowed funds account for each unit of own funds:
Debt to Equity Ratio = Debt Capital / Equity Capital
Kzs \u003d (p. 590 + p. 690 - p. 640 - p. 650) / (p. 490 + p. 640 + p. 650) form No. 1
Kzs \u003d (p. 590 + p. 690) / p. 490
Kzs = (p. 1500 + p. 1400) / p. 1300
Analyze the change in the value of the indicator in dynamics. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors. The recommended KZS value of 0.7 indicates that the financial stability of the enterprise is in doubt.
The higher the value of the indicator, the higher the risk of investors, since in case of default on payments, the possibility of bankruptcy increases.
The coefficient of maneuverability of own working capital (the coefficient of maneuverability of equity capital)
This ratio shows what part of own working capital is in circulation. The flexibility factor should be high enough to allow flexibility in the use of own funds:
The coefficient of maneuverability of own working capital \u003d Own working capital / Equity capital
Km = (p. 490 - p. 190) / p. 490 form No. 1
Km = (p. 1300 - p. 1100) / p. 1300
A sharp increase in this coefficient cannot indicate the normal activity of the enterprise, since an increase in this indicator is possible either with an increase in own working capital, or with a decrease in own sources of financing. The recommended value of the coefficient is 0.2 - 0.5.
Ratio of mobile and immobilized assets
Shows how many non-current assets account for each ruble of current assets:
Ratio of mobile and immobilized assets = Current assets / Non-current assets
Km / u = (p. 190 + p. 230) / (p. 290 - p. 244 - p. 252) form No. 1
Km/s = p. 190 / p. 290
km/s = p. 1100 / p. 1200
No standard values have been established for this indicator.
Working capital ratio with own sources of financing
The coefficient shows the presence of the company's own funds necessary for its financial stability:
Working capital ratio with own sources of financing = (Equity - Non-current assets) / Current assets
Ko \u003d (p. 490 - p. 190) / (p. 290 - p. 230) form No. 1
Ko = (p. 1300 - p. 1100) / p. 1200
The methodological literature indicates that the enterprise is provided with its own sources of financing of working capital with a coefficient value of ≥0.1.
Equity ratio
The coefficient of provision with own working capital shows the sufficiency of the enterprise's own funds necessary to finance current (operational) activities, i.e. ensuring financial stability. This indicator was introduced by the regulatory Decree of the FUDN of August 12, 1994 No. 31-r, it is not common in Western practice of financial analysis.
The formula for calculating the ratio of own working capital has the form:
Equity ratio = (Equity - Non-current assets) / Current assets
Ksos = (p. 490 - p. 190) / p. 290 form No. 1
Xos = (p. 1300 - p. 1100) / p. 1200
According to the above order, the indicator is used as a sign of insolvency (bankruptcy) of the enterprise. The normal value of the index of provision with own funds should be at least 0.1.
Equity ratio
The coefficient of provision of material reserves with own funds is an indicator that characterizes the level of financing of reserves at the expense of the enterprise's own sources (funds).
The formula for calculating the coefficient is:
Equity-to-stock ratio = Working capital / Inventory
Koz = (p. 490 + p. 590 - p. 190) / p. 210
Koz = (p. 1300 + p. 1400 - p. 1100) / p. 1210
In practice, there is a modified methodology for calculating this indicator, stocks are supplemented by costs (costs in construction in progress and advances to suppliers and contractors). In this case, the formula for calculating the ratio of reserves and costs of own working capital will take the form:
Koz = (Equity + Long-Term Liabilities - Non-Current Assets) / (Inventories + Costs in Work in Progress + Advances to Suppliers and Contractors)
The normative value of the coefficient lies in the range from 0.6 to 0.8, i.e. the formation of 60-80% of the enterprise's reserves should be carried out at its own expense. The higher the value of the indicator, the less the company's dependence on borrowed capital in terms of the formation of reserves and, therefore, the higher the financial stability of the organization.
Equity preservation ratio
The indicator characterizes the dynamics of equity capital. The ratio is calculated as the ratio of equity at the end of the period to equity at the beginning of the period:
Equity preservation ratio = Equity at the end of the period / Equity at the beginning of the period
Ksks \u003d page 490 k.p. / p. 490 n.p.
Ksks = str. 1300 k.p. / p. 1300 n.p.
The optimal coefficient value is greater than or equal to 1.
Note that, unlike other sustainability ratios, this indicator is not structural, but dynamic, so it can correspond to the required value even with a general deterioration in the financial situation.
The rules for conducting a financial analysis by an arbitration manager, indicated above in the list of standard methods for analyzing the financial condition, also suggest, to assess financial stability, to calculate such indicators as:
- share of overdue accounts payable in liabilities;
- the ratio of receivables to total assets.
Moreover, accounts receivable include not only short-term and long-term accounts receivable on the balance sheet, but also “potential current assets to be returned”, which means: the amount of receivables written off as a loss and the amount of guarantees and warranties issued. Information about these "assets" is disclosed in the certificate attached to the balance sheet on the availability of valuables accounted for on off-balance accounts. It is assumed that with a favorable confluence of obligations for the organization, these amounts can be received by it and used to pay off obligations.
An analysis of the stability of the financial condition on a particular date allows you to find out how correctly the company managed financial resources during the period preceding this date.
It is important that the state of financial resources meet the requirements of the market and meet the needs of the development of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds for the development of production, and excess financial stability can hinder development, burdening the costs of the enterprise with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources.
The financial position of an enterprise is considered stable if it covers with its own funds at least half of the financial resources necessary for the implementation of normal economic activities, uses financial resources efficiently, observes financial, credit and settlement discipline, in other words, is solvent.
The financial position is determined based on the analysis of liquidity and solvency, as well as an assessment of financial stability. Analysis of the company's financial stability is carried out both by the coefficient method, and by analyzing the net assets indicator and by analyzing absolute indicators.
Source: http://afdanalyse.ru/publ/finansovyj_analiz/fin_koefitcienti/analiz_finansovoj_ustojchivosti/3-1-0-22
Stability factor. Financial stability of the enterprise:
Any business must be profitable and bring profit to its owners. At times of expansion or increase in production capacity, management may decide to use additional borrowed capital.
The financial stability of an enterprise is an indicator that characterizes the company's independence from external resources. It is used when analyzing the self-sufficiency of a business, how effectively it can do without externally attracted funds.
For a comprehensive study, economists use various coefficients of enterprise stability. Only in this way can an objective comparison of the assets and liabilities of the balance sheet be made in order to find out how the company is able to satisfy the existing needs with its own capital.
Financial stability indicators are analyzed using their coefficients. Consider the most common of them.
Autonomy coefficient
It is also called the financial independence ratio. With its help, it is possible to see what share the company's own funds occupy in the structure of all available capital.
It is considered basic, which helps to establish how much equity capital is available in the assets of the enterprise.
How to calculate the stability coefficient?
In order to find out the value of the autonomy coefficient, you need to use the following formula:
Ka \u003d Ks / A,
- Ka — coefficient of autonomy;
- Кс — equity capital (balance line No. 1300);
- A - the company's assets (balance sheet line No. 1600).
It has been established that this stability coefficient will be normal when its value is in the range of 0.5-0.7.
This means that equity capital should be 50-70% of the total assets. In this case, the stability coefficient will show that the company has a relatively good level of financial independence.
Financial dependency ratio
It helps to establish the share of borrowed funds in the total liabilities of the company. This stability ratio is used to understand the level of dependence on borrowed capital, which is used as a financial source for business activities.
It is calculated in the following way:
Kfz \u003d O / P,
- Kfz - coefficient of financial dependence
- О — general liabilities of the company (balance line No. 1400, 1500, 1530, less debt to the founders, balance line No. 1540);
- P - liabilities (balance line No. 1700).
Moreover, "O" should include: debt to owners, long-term and short-term obligations, income for the next periods, as well as reserves for future expenses.
The normal value of this coefficient will be when it fluctuates in the range of 0.5-0.8. This means that the level of liabilities should not exceed 50-80% of the total level of the company's liabilities.
If there is a different situation, then it is worth revising the structure of the resources through which the economic activity of the enterprise is carried out.
The coefficient showing the ratio of borrowed capital to equity
In order to obtain generalized information about the level of borrowed funds in equity, this sustainability ratio is used. The formula for the calculation is given below. It helps to understand how much capital is raised per unit of own resources.
Kzs \u003d Kz / Ks,
- Kzs - coefficient showing the ratio of borrowed capital to equity;
- Kz - borrowed capital (balance lines No. 1500, 1400).
Usually the values of this coefficient are compared in dynamics. The marginally normal value is 0.7. All of the above indicates that the financial stability of the enterprise is not reliable, since there is a risk of default on its obligations to creditors for borrowed capital.
The coefficient of maneuverability of own working capital
If you need to know the part of working capital that is equity, then this stability coefficient is used.
Km \u003d Oss / Ks,
- Km - the coefficient of maneuverability of own working capital;
- Oss - own working capital of the enterprise (from the line of the balance sheet No. 1300, you need to subtract line No. 1100).
It is best to analyze maneuverability in dynamics. Naturally, this ratio depends on the amount of borrowed capital. If the value is in the range of 0.2-0.5, then maneuverability is considered normal.
Deviations from the norm may indicate too much borrowed funds or a sharp increase in the amount of equity capital.
Coefficient showing the ratio of immobilized funds and mobile assets
Using this financial stability ratio, you can analyze the capital structure. It shows how much current assets account for non-current assets.
To calculate, use the following formula:
Km / u \u003d Ao / Ano,
- Km/i - coefficient showing the ratio of immobilized funds and mobile assets;
— Ao — current assets (balance line No. 1200);
— Avno — non-current assets (balance line No. 1100).
Since this indicator does not have normative values, it is customary to analyze it in dynamics. If over time the indicator has decreased, then this means that the total amount of non-current assets has increased, and vice versa.
Working capital ratio with own funds
This ratio of financial stability clearly shows how much working capital can cover equity. For calculations, use the following formula:
Kosz \u003d (Ks - Avno) / Ao,
- Kosz - The coefficient of working capital security with own funds.
If the value of this coefficient is greater than 0.1, then it is considered that the company is provided with its own funds at the proper level. If the indicator is less, then it is worth thinking about reducing the amount of borrowed funds in the overall structure of working capital.
Indeed, otherwise, the risk of bankruptcy of the enterprise with the presence of outstanding debt obligations to creditors increases.
What should be the value of the financial stability ratio?
Above were given various indicators and their coefficients, thanks to which it is possible to calculate the financial stability of the enterprise. When analyzing them, it is worth comparing the values with those that are considered acceptable.
It must be remembered that various industries characterized different values indicators, which may be related to the specifics of their activities.
Therefore, before drawing any conclusions, it is necessary to conduct approximately the same analysis of other companies that are similar to the one under study and operate in the same industry.
Indicators need to be studied in dynamics
Any calculated stability factor shows an incomplete picture if it is analyzed only by the current state. Yes, there are certain limits within which the company does not enter the risk zone.
But what to do when from year to year the numbers remain within the prescribed limits, but at the same time have different values?
An analysis of the dynamics of changes in such indicators will help to cope with this task. Due to such a study, one can see the trends in the development of the company in terms of financial stability.
What does it look like? For example, let's take conditional figures for calculating the autonomy coefficient.
In our case, for 2014 it turned out to be at the level of 0.66. Suppose that the same indicator in 2013 was 0.55. That is, during 2014, the autonomy coefficient increased by 0.11.
What conclusions can be drawn from such dynamics of this indicator? Given the fact that the autonomy indicator shows the share of equity in assets, we obtain a positive change in the structure of the balance sheet.
That is, the share of equity increased by 11%. This is possible if the company has less borrowed funds or has its own funds that have turned into equity.
In the same way, you need to compare information different periods and other indicators. This will make it possible to understand in which direction the company is moving, whether it is increasing its financial stability and independence, or, on the contrary, is accumulating a number of debt obligations that can lead to a loss of solvency.
Any business should strive to be independent of the influence of external factors.
Conclusion
Despite the large number of ratios, they have one goal - to show the level of financial independence of the company from external borrowed capital.
It is possible to carry out a comprehensive analysis of the dependence of the enterprise on borrowed funds, using the above indicators of financial stability. The coefficients will help to assess the qualifications of management personnel in terms of attracting, as well as using equity and borrowed capital.
When carrying out such an analysis, it is necessary to take into account the industry factor. Depending on the sector of the economy in which the company conducts its business, the structure of assets, the ratio of current and non-current assets may differ, which, in turn, requires more or less coverage of borrowed funds.
The coefficient of financial dependence is one of the signs of the company's financial stability. Financial stability shows the company's ability to work and improve, while maintaining a balance between assets and liabilities. A company can be called financially stable if it cash flows are optimal and balanced, there are financial resources both for conducting current activities and for covering loans received. This company will be called investment-attractive and have an acceptable degree of risk for the owners.
Definition
The financial dependency ratio describes the level of a company's dependence on third-party loans. This indicator is the opposite of the equity concentration indicator. The increase in the ratio demonstrates the increase in the level of external loans in the financing of the company. A decrease in the indicator to one shows that the company is fully financed by its owners. The analysis of the coefficient is clear and simple: if it comes out to 1.25, this means that in 1.25 rubles invested in the company's assets, 0.25 rubles. are borrowed.
The considered indicator is also called the coefficient of autonomy. It is often used in practice, as it is convenient when used in deterministic factor analysis.
The financial dependence ratio shows the level of the company's ability to cover all its debts when selling assets.
What affects financial stability
The coefficient of financial dependence is one of the indicators of the financial well-being of the company.
Financial stability demonstrates the company's ability to work and improve, while maintaining a balance between assets and liabilities. A company can be called financially stable if its cash flows are optimal and balanced, there are financial resources both for conducting current activities and for covering loans received. This company will be called investment-attractive and have an acceptable degree of risk for the owners. The financial position of the company depends on the following factors: 
- the amount of own capital;
- asset quality level;
- the amount of revenue and the stability of its receipt;
- profitability indicator, taking into account financial and operational risk;
- liquidity ratio;
- the ability to quickly attract external loans.
Along with this, the last two coefficients depend on financial stability.
With an increase in the level of third-party loans in financing an enterprise, the solvency of the company decreases. This means a low level of financial independence of the company. The coefficient of financial dependence shows and influences the quality of relations with banking institutions and partners. 
Along with this, the impressive amount of own funds held in the assets of the company also does not demonstrate the success of its development. The profitability of activities increases when using not only own, but also borrowed resources. Therefore, it is important to choose the best ratio of the share of loans and the company's own resources.
How to Calculate Financial Dependency Ratio
The calculation formula looks like this:
Total assets (balance sheet liabilities) / Equity capital
KZ \u003d ZK / SK
where SC - equity;
ZK - borrowed capital.
Methods for calculating the indicator
Three main methods are used to calculate the indicator:
- Study of the liquidity of the company's property (assets).
- Study of the mobility of financial reporting (the distribution of reporting items according to their ease of implementation and the study of the relationship between an asset and a liability).
Studying the company, its ability to pay loans. Here they also form a comparative (analytical) balance sheet, evaluate business activity ratios, and so on. 
These methods will allow you to optimally and comprehensively study the coefficient of financial dependence.
The standard value of the indicator should be up to 0.7. If it exceeds, then the company's dependence on third-party borrowed resources increases.
Interpretation of financial dependency ratio
The considered coefficient of financial dependence demonstrates the dependence of the company on third-party sources of financing.
Strong dependence on external sources threatens to have an extremely negative impact on the position of the company with a decrease in sales, since the cost of paying interest on loans is a fixed cost that the company cannot reduce in proportion to the decrease in sales. 
In addition, a high dependency ratio will soon lead to the fact that the company will have difficulty attracting new loans at the average interest rate in the market, especially in bad times.
Foreign practice
As for the level of attracting external loans, there are different opinions in the practice of foreign companies. The most popular is that the level of equity in the total amount of sources of long-term loans should be quite significant, while the lower bar is in the range of 60% (0.6). If the bar is lower, the return on personal capital will no longer meet the optimal values.
Increasing the value of the indicator
It is important to understand that all actions aimed at reducing the indicator "Coefficient of financial dependence of equity capital" are studied in economic analysis as positive. In other words, any enterprise will strive to increase the share of its own resources in order to increase the stability of its activities. It should be noted that the increase in the volume of financial resources due to the attraction of low-cost loans is seen as a positive and competent decision. To obtain them, you need a coefficient of financial dependence, the formula of which makes it easy to make competent calculations and draw conclusions. 
As a result, the indicator under consideration demonstrates a financial value that describes the company's dependence on borrowed resources. The coefficient of financial dependence, the normative value of which should be within 0.5-0.7 pp, is calculated as the ratio of the volume of own and borrowed capital.
One of the characteristics of the stable position of the enterprise is its financial stability.
The following financial stability ratios, characterize independence for each element of the enterprise's assets and for property as a whole, make it possible to measure whether the company is financially stable enough.
The simplest financial stability ratios characterize the ratio between assets and liabilities in general, without regard to their structure. The most important indicator of this group is autonomy coefficient(or financial independence, or concentration of equity in assets).
The stable financial position of the enterprise is the result of skillful management of the entire set of production and economic factors that determine the results of the enterprise. Financial stability is due both to the stability of the economic environment within which the enterprise operates, and from the results of its functioning, its active and effective response to changes in internal and external factors.
